The 2023 Intergenerational report has revealed government spending on health, the NDIS, aged care, defence and interest payments to service debt will explode to more than $140 billion a year over the next 40 years.
Ahead of the full release on Thursday, Treasurer Jim Chalmers revealed the Budget bomb awaiting future governments as he outlined the full extent of the financial difficulties facing Australia.
Treasurer Jim Chalmers revealed the $140 billion Budget bomb awaiting future governments as he outlined the full extent of the financial difficulties facing Australia. Picture: NCA NewsWire/Martin Ollman Australia's ageing population is singled out as the key driver for much of the blowout in spending, as the cost of providing health and aged care for an ever larger group of Australians puts strain on the government's coffers.
"Demographic ageing alone is estimated to account for around 40 per cent of the increase in government spending over the next 40 years. Government debt, which ballooned during the pandemic, is set to double over the next 40 years from 0.7 per cent of GDP to 1.4 per cent of GDP by 2063-64.
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Intergenerational report projects $140 billion government spending increaseSpending on health, the NDIS, aged care and defence is projected to blow up by more than $140 billion over the next four decades. Government spending on those portfolios is expected to rise by 5.6 per cent of the GDP due to Australia’s aging population and will take up half of all Commonwealth spending by 2062/63.
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Five spending pressures to drain half the budget within 40 yearsTreasurer Jim Chalmers will use a new report to make the case that pressure on the budget will intensify from 2024 and remain under stress long term.
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Top-five budget pressures to add $140b a year to spendingNDIS and aged care are among the top five spending pressures that will account for one half of all Commonwealth spending within four decades.
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Five spending pressures to drain half the budget within 40 yearsTreasurer Jim Chalmers will use a new report to make the case that pressure on the budget will intensify from 2024 and remain under stress long term.
Read more »
Five spending pressures to drain half the budget within 40 yearsTreasurer Jim Chalmers will use a new report to make the case that pressure on the budget will intensify from 2024 and remain under stress long term.
Read more »
Intergenerational report reveals spending in key areas to blow out to half Australian budget by 2063Health, aged care, NDIS, defence and interest payments will grow from one-third of government spending over next four decades
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